Lead Story Picture
The slick from the Deepwater Horizon oil spill sits off the coasts of Louisiana, Mississippi, Alabama and Florida in a May 24, 2010, satellite photo. (Credit: NASA)

Without A Deal, BP Would Have Faced Harsher Penalties

Despite the magnitude of Thursday’s $18.7 billion settlement that ends most of the litigation over BP Exploration & Production Inc.’s liability in the Deepwater Horizon disaster, experts say the company could have been hit even harder had the overseeing judge been able to hand down a penalty of his own.

  • Apple Dodges Potential $1.6B Award In Smartflash IP Suit

    A Texas federal judge on Thursday said Apple Inc. did not willfully infringe media storage patents held by Smartflash LLC, nullifying a jury’s determination of willful infringement which Smartflash asserted entitled it to have a $533 million damages award tripled to $1.6 billion.

  • Proskauer Can’t Shake OSG's $255M Tax Malpractice Suit

    A New York appeals court on Thursday rejected Proskauer Rose LLP’s bid to dodge a malpractice suit alleging that faulty legal advice triggered a more than $255 million tax liability for Overseas Shipping Group Inc., finding the oil tanker company had sufficiently pled a valid claim.

  • Rakoff To Gupta: Newman No Escape Hatch For You

    The conviction of former Goldman Sachs Group Inc. board member Rajat Gupta will stand despite a December decision that redrew the lines for insider-trading prosecutions, New York federal judge Jed Rakoff ruled Thursday, calling Gupta's arguments “too late and too little.”

  • Securities Probe Of Texas AG May Lead To Fraud Charges

    Special prosecutors tasked with investigating Texas Attorney General Ken Paxton for alleged securities violations said Thursday they have found evidence of possible securities fraud that would constitute a first-degree felony and will present evidence to a grand jury within the month.

  • Fox, Hearst Intern Classes Shot Down At 2nd Circ.

    The Second Circuit overturned a trial court decision Thursday that granted grant class and conditional collective action certification to a former unpaid intern in a wage case against Fox Entertainment Group Inc. and upheld a ruling that denied certification in another intern case against the Hearst Corp.

  • BP Reaches $18.7B Deal To Settle Deepwater Claims

    BP Exploration & Production Inc. on Thursday reached an $18.7 billion global settlement — the largest in U.S. history — over its role in the 2010 Deepwater Horizon disaster, a deal that follows the company’s failure to convince the U.S. Supreme Court to reconsider its liability under the Clean Water Act.